Korean Academic Society of Business Administration
[ Article ]
korean management review - Vol. 54, No. 1, pp.109-131
ISSN: 1226-1874 (Print)
Print publication date 28 Feb 2025
Received 07 Aug 2024 Revised 04 Nov 2024 Accepted 11 Nov 2024
DOI: https://doi.org/10.17287/kmr.2025.54.1.109

국민연금의 유형별 반대의결권 행사가 주가붕괴위험에 미치는 영향

권지원 ; 최우석
(주저자)고려대학교
(교신저자)고려대학교
Types of NPS’s ‘No’ Voting and Stock Price Crash Risk
Jiwon Kwon ; Wooseok Choi
(First Author)Korea University Business School g1kown@korea.ac.kr
(Corresponding Author)Korea University Business School choiw@korea.ac.kr


Copyright 2025 THE KOREAN ACADEMIC SOCIETY OF BUSINESS ADMINISTRATION
This is an open access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted, distribution, and reproduction in any medium, provided the original work is properly ited.

초록

본 연구는 2016년부터 2022년까지 유가증권시장(KOSPI)에 상장된 비금융업 회사들을 대상으로 국민연금의 유형별 반대의결권 행사가 해당 회사의 주가붕괴위험과 관련이 있는지를 분석하였다. 분석결과, 국민연금의 반대의결권 행사는 부정적인 뉴스로 인식되어 주식시장에 부정적인 영향을 미치는 것으로 나타났다. 유형별 반대의결권 행사가 주가붕괴위험에 미치는 영향을 검증한 결과, 임원의 보수한도 증액 및 재무제표 승인에 대한 국민연금의 반대의결권 행사가 해당 기업의 주가붕괴위험을 증가시키는 것으로 나타났다. 본 연구의 결과는 국민연금의 반대의결권행사가 일반 투자자들에게 피투자기업의 부정적 신호로 인식되어 주가붕괴위험이 증가되는 경향이 있으며, 국민연금의 반대의결권 행사 여부가 피투자기업을 감시하는 역할을 수행할 수 있음을 시사한다.

Abstract

This study examines whether the National Pension Service’s (NPS) exercise of different types of ‘No’ voting rights is related to stock price crash risk in companies listed on the KOSPI from 2016 to 2022. The results indicate that the NPS’s exercise of ‘No’ voting rights is perceived as negative news, adversely affecting the stock market. Specifically, analyses of the effects of different types of ‘No’ voting rights on the risk of stock price crash show that the NPS’s ‘No’ voting rights on issues such as increases in executive remuneration limits and approval of financial statements increase the risk of stock price crashes. The findings of this study suggest that the exercise of dissenting voting rights by the National Pension Service can serve as a monitoring mechanism for investee firms, as it tends to be perceived as a negative signal by other investors, thereby increasing stock price crash risk.

Keywords:

National Pension Service, Types of 'No' voting Rights, Stock Price Crash

키워드:

국민연금, 유형별 반대의결권 행사, 주가붕괴위험

Acknowledgments

This research is supported by Korea University Business School Research Fund.

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∙저자 권지원은 현재 고려대학교 경영대학 회계학 전공 박사과정 재학 중이다. 고려대학교 경영대학 경영학과를 졸업했으며, 동 대학원에서 경영학(회계학 전공) 석사를 취득했다. 주요연구분야는 재무보고 품질, 지배구조 및 ESG등이다.

∙저자 최우석은 고려대학교 경영대학 교수로 재직중이다. 고려대학교 경영대학을 졸업하고 공인회계사 자격증을 취득한 후, 미국 University of Texas at Austin에서 회계학 석사학위, Michigan State University에서 경영학 박사학위를 취득하였다. 관심분야는 재무보고 및 공시, 기업지배구조, 기업은행관계 등이다.